Thank you in advance for your thoughts. I am getting ready to lease a car and am concerned about getting locked into three years. For this reason I am thinking of spending more than I would want on for instance a BMW x1 or Lexus nx300 - instead of a Mazda cx-5 - as I have learned I can’t transfer a Mazda lease but I can a BMW and Lexus.
Am I thinking right? What else should I be considering? 1) Is it THAT “easy” to transfer a BMW or Lexus (or Toyota) lease (I see a LOT of BMW lease transfers on here) and 2) is the money loss I’d be facing (penalties, sale cost) on the cheaper CX-5 more of a hit if I go that route and get out of CX-5 early?
Hmm, I think if you are allowed to transfer and you sign a deal with 0 driveoffs and no MSDs, you’d have nothing to lose unless the payment is too high and no one takes over
You could always opt for a shorter term lease (24 month). Or if you’re desperate to get out, sell early to CarMax / Vroom / Carvana / etc and eat any negative equity you’d need to pay off.
BMW and Lexus lease transfers are still a process that takes time, and you’d still be responsible for the payments while the transfer is going through.
If you get a good lease number, then it’s gonna be easier to transfer it out. like @sledbeagle2 said, if you plan to transfer it out since day 1, then do 0 drive off and no MSD… It’s harder to recoup those money when you post it online.
That doesn’t make sense to me. Why spend more than you want on any lease? Plus, just because you can transfer a lease doesn’t mean someone will want it. It has to be a great deal to be easily transferable.
HI thanks — So maybe I would want to know how common it is to be able to transfer a lease— I probably asked the wrong question!!! – I wonder if any others here have tried to transfer their BMW or Lexus leases and found it very difficult or relatively easy.
Hi - Yes I agree and this was the core of my question and I see that perhaps I was not clear. Mazda you cannot transfer lease. So I am weighing the pros/cons of spending more in effect b/c it gives me more freedom and less stress to lease a car I CAN transfer— i will pay for less stress to not be locked in.
What I was asking (perhaps I was not clear) if it is true that it is easy “enough” (with time, yes) to transfer a BMW lease (does anyone have experience, I’ve been looking for months and I see it is done fairly often or maybe I am not correct?. Because I would RATHER be in a lease I can get out of — if in fact it is not THAT hard – then be in one I can’t if it is not terribly more money.
And I was trying to weigh that with the selling of the car early and what loss I might take. Hope this make sense. Maybe there is no answer but I thought I’d try and learn something I don’t know since it is my first lease. My goal is to make the most stress free decision I can make. Maybe there is no best answer but I thought I’d try and see if others had ever transferred a lease (BMW, Lexus, was it easy or hard), or got out of lease early (sold car and it was not such a huge loss), etc.
Yes first thanks to all that answered. Yes, I guess this was what I am trying to determine. What that negative equity is vs how easy/hard it would be to transfer. I suppose there may be no answer but I was wondering since I see an abundance of BMW lease transfers if it is very common and fairly reliable. Thanks for helping me try and understand.
I transferred couple BMW out before, it was relativity easy for me(just need to print out 2 paper and put current ODO on there and 2 signature then mail it back to BMW), but it takes around a month for them to process. After that he/she needs to go to DMV the car to register under their name. During the process, you are still responsible for the monthly payment until the day when BMW confirmed that it is officially transferred.
Since your concerned about the length and being locked in…most often there is a slight premium for a 24 vs 36 month lease. Have you thought about taking over someone’s lease either in the Lease Transfer section on this board, leasetrader, or swapalease? In theory there may be shorter terms available however keep in mind registration fees and what not for your state to determine if this is cost effective.
I have done two lease transfers with BMW Financial Services and will do it again this summer. It could not be easier - they have a department that handles this. It takes at least 2 weeks start to finish. I’m happy to answer any specific questions. Understand that you are taking over the contract as it was written - they only change the name. Also, you must get paid for any existing damage as part of the deal. BMW is very reasonable on your wear and tear at return, but you can’t be sure until it actually happens.
Anyone know if there is a “limit” to how many times a BMW can be transferred. For ex: if you take a lease over (2nd owner), then would like to transfer again to a (3rd owner) - any issues?
Mazda you cannot transfer lease. So I am weighing the pros/cons of spending more in effect b/c it gives me more freedom and less stress to lease a car I CAN transfer— i will pay for less stress to not be locked in.